Vital Farms, Inc. (VITL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+701.0%

$73.54

vs $9.18 price

Levered DCF

$13.49

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.41

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.82×	29.73×	25.31×	502.6×	295.72×	84.45×	504.43×	207.41×
P/B	4.13×	5.91×	3.35×	3.97×	4.74×	5.28×	140.62×	235.31×
P/S	1.91×	2.63×	1.37×	1.74×	2.75×	3.5×	8.55×	11.28×
EV / EBITDA	13.72×	17.89×	14.29×	74.77×	174.32×	49.13×	180.72×	145.78×
Gross margin	37.6%	37.9%	34.4%	30.2%	31.8%	34.8%	30.5%	32.6%
Operating margin	11.6%	10.5%	7.0%	0.6%	0.0%	5.7%	2.4%	6.3%
Net margin	8.7%	8.8%	5.4%	0.3%	0.9%	4.1%	1.7%	5.4%
Current ratio	2.16×	3.13×	3×	3.14×	3.72×	5.3×	1.39×	1.61×
Debt / equity	0.15×	0.07×	0.12×	0.07×	0×	0.01×	0.74×	1.07×
Interest coverage	101.11×	62.92×	42.52×	18.46×	1×	25.06×	9.6×	15.96×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.9%	19.8%	13.3%	0.8%	1.6%	6.2%	27.9%	113.3%
Return on invested capital	15.8%	17.4%	12.2%	0.5%	0.0%	6.4%	6.3%	17.5%
Return on assets	12.8%	14.9%	9.3%	0.6%	1.3%	5.1%	3.9%	11.6%
Free cash flow yield	-3.3%	2.2%	6.1%	-3.0%	0.1%	0.2%	-0.8%	0.8%
Earnings yield	4.6%	3.4%	4.0%	0.2%	0.3%	1.2%	0.2%	0.5%
Enterprise value	$1.5B	$1.5B	$584.7M	$627M	$687.9M	$721.8M	$1.2B	$1.2B
Net debt / EBITDA	0.04×	-1.62×	-1.51×	-0.26×	-7.76×	-1.96×	0.75×	-0.77×
Cash conversion cycle (days)	41	18	30	40	14	32	44	7